NEW YORK- Total U.S. household debt reached a record $18.8 trillion in the fourth quarter, rising by $191 billion, as mortgage, credit card, auto, HELOC and student loan balances all increased, according to the New York Fed’s latest Quarterly Report on Household Debt and Credit.
Mortgage balances climbed by $98 billion to $13.17 trillion, reflecting a pickup in housing activity, with $524 billion in new mortgage originations in the quarter. Home equity lines of credit (HELOC) balances rose for the 15th straight quarter, increasing by $11.6 billion to $434 billion, while available HELOC limits expanded by $25 billion.
Non-housing debt grew by $81 billion (1.6%) from the prior quarter. Credit card balances jumped by $44 billion to $1.28 trillion, up 5.5% from a year earlier, underscoring continued reliance on revolving credit. Auto loan balances edged up $12 billion to $1.67 trillion, after little change in the prior quarter.
Student loan balances increased by $11 billion to $1.66 trillion, while other consumer loans — including retail cards and finance-company credit — rose by $14 billion to $564 billion.
The Fed said early delinquencies for non-housing debts have largely stabilized, even as overall borrowing continues to climb.